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Newmarket box-ticker attracts owner-occupiers and investors

Owner-occupiers and investors are actively scoping sites in Newmarket, keen to secure space on the city fringe where asset values are insulated, investment continues to be made by high-profile entities and where many corporates have opted to base themselves.

A two-level freehold standalone character commercial building at 24 McColl Street, Newmarket, originally built in the 1950s as industrial warehousing and offices before undergoing a significant refurbishment circa-2008, is now for sale by its private investor owners.

The upgrade saw the building transformed to a higher value commercial space with two separate self-contained tenancies created, one on the ground floor and one above. It has an assessed seismic rating of 70% new building standard.

The ground floor tenancy of around 209sqm is currently vacant. It comprises open-plan character office/showroom space, meeting room and amenities, and has a loading dock. This is versatile space available for immediate occupation.

Level one has been occupied since 2010 by international clothing distributor True Alliance (NZ) Limited. The tenancy is mainly open-plan and accommodates office space, meeting areas, storage, kitchen and bathroom amenities and a deck to the rear. There’s around 260sqm total space with good natural light, and character features like polished concrete floors, exposed concrete columns, and exposed rustic timber-trussed high-stud ceilings.

True Alliance’s lease has a final expiry of January 2026, and the annual net rental is $76,069 plus GST.

Agents marketing the property said two clear buyer groups are identified – an owner-occupier who could move into the ground floor space and collect income from the second tenancy, or an investor that could lease it up to provide a split-risk investment with significant inherent development upside given the favourable Business-Metropolitan Centre zoning.

The property is for sale via James Were and Ben Wallace, Bayleys Auckland through a tender process closing 11th March, unless sold prior.

Were said Newmarket is a proven performer property-wise and an identified growth node hence the subject building’s development-intensive zoning will offer options down the track for a new owner.

“Business-Metropolitan Centre zoning allows for all scales of commercial activity and adds another layer of opportunity to this property’s value equation.

“As it stands, it’s a well-located, accessible and desirable property that has always found favour with occupiers as evidenced by the longstanding tenant on the upper level who’s been there for 14 years.”

Commercial rents in Newmarket are fairly stable and vacancy levels are tight which underpins the value to be found in this property, according to Wallace.

“You certainly couldn’t buy the land and replicate this standalone building in the current market for what it’s likely to sell for.

“It’s just a great all-rounder and with owner-occupiers that have sound, well-performing businesses keen to buy in this market to secure their future, and a shortage of good smaller investment stock, we’d expect some pretty competitive tenders to come in.”

McColl Street falls within the area known as the Roxburgh Hub, a vibrant commercial and residential precinct with specialist retailers like the popular Maison Vauron wine store, French delicatessen L'Atelier du Fromage, artisan bakery and café Little & Friday, and L'Affare cafe.

The property is also in the coveted double grammar zone, it is near the Auckland University's Newmarket campus, the Auckland City Hospital, Auckland Domain and is well-located for commuting staff and clients being handy to motorway links and with Grafton and Newmarket railway stations nearby.

Click here for more information on the listing.

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